MFE-Mediaforeurope (MFEB) Q3 2025 earnings summary

Executive summary

• Completed acquisition of a controlling stake (75.61%) in ProSiebenSat1 Media SE, consolidating its results from Q4 2025 onward.

• Group net profit for the first nine months surged to €243.1M, up 152.6% year-over-year.

• Free cash flow increased 9.4% to €348.9M compared to the same period in 2024.

• Consolidated net revenues declined 3.3% year-over-year to €1,939.1M.

• Mediaset's audience in Italy grew significantly, with a 3.8% increase in the commercial target and a 6.0% rise in prime time share year-over-year.

Financial highlights

• Operating profit (EBIT) was €61.3M, down 51.5% from €126.6M in 2024, mainly due to margin reduction in Spain.

• EBITDA fell 17.2% to €374.1M.

• Net financial debt (including P7S1) rose to €2,851.6M at 30 September 2025.

• Adjusted net financial debt (excluding P7S1 and IFRS 16) at €905.3M.

• Investments totaled €342.9M for the period.

Outlook and guidance

• Full-year results will be significantly affected by the consolidation of P7S1, with economic effects visible from Q4 2025.

• Advertising revenues expected to remain stable in Italy and decline in Spain.

• Annual targets for positive operating result, net result, and free cash flow confirmed, subject to economic conditions.